HAVAÍC has secured $15 million in commitments for the first close of its $50 million African Innovation Fund 3, partnering with Universum Wealth, The SA SME Fund, and other local and international family offices. The fund aims to invest in 15 early-stage, high-growth, post-revenue African companies with regional and global potential, spanning seed stage to Series A and B rounds. This is HAVAÍC’s largest fund to date, building on the success of its previous funds launched in 2016 and 2020. The firm’s portfolio already serves over 20 million customers in 190 countries.
The SA SME Fund’s investment in HAVAÍC reflects a broader trend of institutional investors backing local VC firms, contributing to a robust startup ecosystem in key African markets like South Africa, Kenya, and Nigeria. Ian Lessem, Managing Partner at HAVAÍC, emphasized the importance of supporting African tech entrepreneurs to scale and generate diversified revenue for reinvestment into the continent, fostering economic growth and job creation.
Universum Wealth’s Jonathan Sieff praised HAVAÍC’s expertise in sourcing lucrative opportunities that offer market-leading returns, enabling clients to diversify their portfolios effectively. Ketso Gordhan, CEO of The SA SME Fund, highlighted their fifth commitment to a leading VC firm, noting the dual benefits of commercial returns and societal impact.
HAVAÍC’s 2023 results showcased a 400% increase in annual revenue and a landmark fifth exit, with 193% total realized exited returns and 120% unrealized carrying returns. Recent investments include sports data company Sportable and follow-on investments in RNR, RapidDeploy, hearX Group, and AURA, with notable achievements such as RapidDeploy’s inclusion in Fast Company’s Most Innovative Companies and several portfolio companies ranking in the Financial Times’ 2024 list of Africa’s fastest-growing companies.
